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Naira Records Little Gain Closes At 512/dollar

Naira Records Little Gain Closes At 512/dollar

The naira recorded slight gain on Tuesday and closed at 512 against the United States dollar on the parallel market, a day after the Central Bank of Nigeria introduced a new foreign exchange policy action. The CBN had on Monday announced its decision to begin sale of $1m weekly to each of the country’s 21 […]

Nigeria To Borrow $2.3bn From World Bank

Nigeria To Borrow $2.3bn From World Bank

Amidst growing concern over its soaning debt profile estimated at over $57.3 billion, the Federal Government yesterday hinted it was close to signing about $2.3 billion from the World Bank and the Chinese EXIM Bank to fund key infrastruture projects in the 2017 budget. Finance Minister, Mrs.Kemi Adeosun, who spoke to CNBC Africa said Nigeria […]

CBN Intervenes In Forex Market With $500m

CBN Intervenes In Forex Market With $500m

The Central Bank of Nigeria (CBN) Tuesday announced a $500 million intervention in the foreign exchange to further boost the liquidity of authorised dealers to meet end users. In a circular to all authorised dealers Tuesday, the apex bank said the sale will be in the form of a Special Wholesale Intervention Forward not exceeding […]

Mortgage Bank To Get N500b Recapitalisation

The Federal Mortgage Bank of Nigeria is to be recapitalised to the tune of N500 billion. The Minister of State for Power, Works and Housing, Mustapha Baba Shehuri, who dropped the hint yesterday during the commissioning of the ministerial pilot housing scheme in Ardo-Kola Local Council of Taraba State, said the move would go a […]

CBN Raises Intervention At InterBank Market To $6m

CBN Raises Intervention At InterBank Market To $6m

A day after fine-tuning the foreign exchange policy, the Central Bank of Nigeria (CBN) made good its pledge to increase daily intervention at the interbank market, raising it from $1.5 million to $6 million. However, the official exchange rate remained at N305.25 per dollar, although the CBN’s intervention was auctioned at N304.75 per dollar. The […]

Bank Worker Challenges Termination Of Appointment

Bank Worker Challenges Termination Of Appointment

A senior member of Ecobank Nigeria Limited has sued it before the National Industrial Court, (NIC), Lagos for wrongful termination of employment. The plaintiff, Gbite Mathew Adegoke is claiming N1.2 billion as damages and special damages having suffered near paralysis in the course of being on official duty. The bank has however denied owing him […]

CBN Obliterate Preferential Treatment For Manufacturing Sectors

CBN Obliterate Preferential Treatment For Manufacturing Sectors

Following its resolve to meet all unfilled foreign exchange (FX) demand in the country, the Central Bank of Nigeria (CBN) monday announced that it will no longer impose allocation/utilisation rules for the manufacturing and other select sectors on commercial banks. The CBN stated this in a statement on new policy actions in the FX market […]

Akwa Saving And Loans Bank To Sack 90 Staff

Akwa Saving And Loans Bank To Sack 90 Staff

No fewer than 90 staff members of the Akwa Ibom State Government owned financial outfit, the Akwa Savings and Loans Limited have been pencilled down for sack in a renewed move to restructure and reposition the bank for global competitiveness. The Managing Director/Chief Executive Officer of the bank, Mr. Ebong Bassey, who disclosed this while […]

Coronation Merchant Bank Posts N5.3bn Profit

Coronation Merchant Bank Posts N5.3bn Profit

Coronation Merchant Bank Limited said it sustained its tradition of impressive performance with strong financial results for the year ended 2016. The Group’s 2016 results showed that its profit before tax (PBT) rose to N5.3 billion, representing an increase of 128 per cent over last 2015 performance of N2.3 billion. The bank’s net interest income […]

Wema Bank Takes Savings Products To LASU

Wema Bank Takes Savings Products To LASU

Wema Bank Plc is promoting savings culture and digital banking experiences among the newly admitted students of Lagos State University (LASU). Speaking during the LASU 2017 orientation programme, held at its Ojo campus, Wema Bank Regional Manager, Apapa, Femi Olowoyeye, said the lender had been participating in institution’s orientation programme for the past two years, […]

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